Axis Bank opens representative office in Dubai

PTIMay 4, 2008, 09.51pm IST

DUBAI: Axis Bank opened its representative office in Dubai on Sunday joining a host of Indian banks in both public and private sector.

The office will be engaged primarily in promoting the bank's retail NRI products and services as well as providing support in facilitating transactions between branches of the bank in India and the NRIs based in Dubai, a bank statement said.

Claiming that personal banking transactions between the UAE and India are growing rapidly, P J Nayak, the chairman and CEO of the bank, said the office would further extend the bank's presence in international markets, as a response to the growing globalisation of the Indian economy.

"Our representative office in Dubai will complement the corporate banking services offered out of our branch in Dubai International Financial Centre (DIFC) for facilitating part of the banking needs of Indians based in the UAE," he added.

The bank has already established its presence in Singapore, Hong Kong and Shanghai apart from concluding strategic alliances with banks and exchange houses in the Gulf Corporation Council region.

While branches in Singapore, Hong Kong and DIFC provide platforms for offering corporate credit and trade solutions in the financial hubs across Asia and enable the bank to partner with Indian corporates foraying into the international markets, the new representative office would enable access to the large NRI population in the UAE, Nayak said.